I like this card, it looks balanced, but it seems like some people are confused about the wording. Looks to me like it's a squid that will lose health when it freezes things, but gains attack and health if it itself is frozen.
I think it's just fine to be able to target itself. The unupped one would immediately die unless it had already been frozen once anyway, and in both cases it has to wait 3 turns to use that extra 3 attack.
The one combo I see being a little overblown is six of these, six Squids, Quint, and Phase Shields. Use all Squids and Hunters to freeze ONE Hunter, then pop it with Quint to thaw it out. But once you Quint it, you can't keep growing it.